The Effects Of Minimum Wage Increases On Employers Hiring...

What are the effects of minimum wage increases on employers hiring new employees? Over the past 10 years I have worked various different minimum wage and salary jobs. I have noticed a slowing down if you will on hiring. I first wrote this off as different sectors of business must have different hiring techniques and quotas. I have sense become more familiar with the hiring process and would like to find a correlation (bad or good) between minimum wage being raised and the number of new employees a company is willing to hire. Raising the federal minimum wage is a high priority for President Barack Obama, but the issue is mired in debate over whether or not raising the minimum wage would kill jobs. The federal minimum wage is currently $7.25 an hour. The White House and some congressional Democrats want to bump it up to $10.10 an hour. As of this past December, a majority of Americans support a raise. On Election Day, voters in Alaska, Arkansas, Nebraska and South Dakota approved state-level increases to minimum wages. Many democrats these day have laid claim that in years when the minimum wage was raised the economy also saw a rise in jobs. With that being said none of them have really shown any proof to this claim. So I turned to the Bureau of Labor Statistics. For every year Congress increased the minimum wage since 1978, I looked at how much employment grew or shrank a year after the new wage went into effect. The first federal minimum wage went into effect in 1938, butShow MoreRelatedThe Minimum Wage Policy During The United States1714 Words   |  7 PagesNews stories abound with demands from workers, organizations, and lawmakers to increase the federal minimum wage. Headlines throughout the country highlight recent minimum wage policy changes in major cities such as Los Angeles and Seattle. Last month, Governor Andrew Cuomo of New York announced an approved minimum wage increase to $15 an hour for all fast food workers in the state (McGeehan). Even the website for the White House has a separate page, â€Å"Raise the Wage,† advocating for Congress to increaseRead MoreShould Minimum Wage Be Raised?870 Words   |  4 PagesShould Minimum Wage Be Raised? Minimum wage has always been a controversial issue. Many politicians use the argument of minimum wage for their own political propaganda. Some may argue minimum wage should be raised, while others believe it will have detrimental effects on our economy if it is raised. Surprising to most people, minimum wage earners make up only a small percent of American workers. According to the Bureau of Labor Statistics, minimum wage workers make up about 2.8% of all workersRead MoreMinimum Wage and Its Implications763 Words   |  3 PagesMinimum wage affects everyone. The current minimum wage is at $7.25 and President Obama announced that he wished to see a change in the minimum wage, he wants to raise the hourly wage to $10.10. A rise in the income of those who are employed will also raise the cost of hiring unskilled labor and can potentially reduce the number of people hired by businesses. Also, if minimum wage is raised then the price of the products that the companies are making might i ncrease which will continue the cycle ofRead MoreEssay The Effects of a Change in the Minimum Wage1431 Words   |  6 PagesThe Effects of a Change in the Minimum Wage In 1938, the Fair Labor Standards Act was passed and ever since, the United States has required that all firms that do at least $500,000 worth of business per year pay their workers a minimum wage (â€Å"Handy† n.pag.). Because it affects so many workers in so many different aspects of the economy, the minimum wage plays a big part in the cost of labor and how firms deal with those costs. A change in the minimum wage, which would seemingly affect onlyRead MoreImplementation of Minimum Wages Policies in Malysia1401 Words   |  6 Pagessectors, the wages of an employee had always been a matter of consensus between an employer and an employee depending on the elasticity of demand and supply in the labor market. It is not subjected to any government or legislative intervention, thought de facto minimum wage may exist as a result of custom and extra-legal pressure from unions. This matter which may be agrees upon between employer and the employee. However, the Parliament had r ecently passed new laws to impose the minimum wages of an employeeRead MoreFifth Effect Essay1141 Words   |  5 PagesThe fifth effect can reduce stress, to which has a high health issue for full-time students who have to juggle full-time academic activities and working part-time. Income difference, paying off debt, picking up fewer hours, time management is all stressful consequences that can be turned into a positive outcome, if the suggested policy were implemented. According to Stanford University sleep study, the average sleep requirement for students is well over eight hours, and the majority of students wouldRead MoreThe Effects of Raising the Minimum Wage on US Economy1507 Words   |  6 Pagessupport their family. Due to the fact that the prices of goods increase year and after year, the minimum wage has been increasing from less than a dollar to $7.25 now. The question that comes to everybody is that should we increase the minimum wage by too far. Does the minimum wage increase reduce the unemployment since now the current wage is high enough? Some people might think that we should increase the minimum wage in order to increase the labor supply. However, if we think deeply than this, thereRead MoreHigher Federal Requirements For The Minimum Wage Essay1741 Words   |  7 PagesThe push for higher federal requirements for the minimum wage in the United States, as a means of combatting income inequality, have remained a highly debated topic of discussion over the course of many years in the United States. On one side of this debate you have more progressive economists who believe that if minimum wage is increased the standards of living for many minimum wage employees will be improved, thus spurring economic prosperity for this class of workers and helping to bridge theRead MoreEssay on Raising Minimum Wage Increases Unemployment1420 Words   |  6 Pageshelps families make ends meet like higher wages. †¦ And to everyone in this Congress who still refuses to raise the minimum wage, I say this: If you truly believe you could work full-time and support a family on less than $15,000 a year, go try it. If not, vote to give millions of the hardest-working people in America a raise.† -–President Obama, State of the Union address, Jan. 20, 2015 President Barack Obama is renewing his call to raise the minimum wage to $10.10. During a speech at a manufacturingRead MoreShould We Increase Minimum Wage?1508 Words   |  6 PagesThe topic on whether the minimum wage should be increased our untouched has been a hot topic in the media and political scene lately. Both the republicans and democrats have spent some big bucks lobbying their insights on the matter. There has been a lot of subjective and objective arguments that are reasonable on both the pros and cons of increasing our national minimum wage. To add to the drama associated with this topic, President Obama endorsed a bill proposing a nearly 40% rise from $7.25 to